Great Depression - Britain leaves the gold standard, and the pound sterling depreciates by 25%
Time: Monday Sep 21, 1931
Place: London, England, United Kingdom
Details: Britain leaves the gold standard, and the pound sterling depreciates by 25%. Despite warning of disaster, the departure proves beneficial to the British economy, as exports become more competitive. Additionally, the Bank of England was now free to engage in money creation, and reduced interest rates from 6.00% to 2.00%.
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